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Hi all ,
I am a PR in singapore, I've been working here for a while now and want to set aside money to give my mum allowance. I am thinking of opening a SG bank acc under her name and then I'd just bank transfer the allowance from my bank.
Background:
Both my parents are Malaysians who live in Malaysia. They are not PR, not holding long term pass nor any local residency address.
Would it be possible to do that? What are some alternatives you'd suggest? Thanks for your input!
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https://www.cimb.com.sg/en/personal/banking-wit...
Do email CIMB Singapore for this question esp. if your mum is currently residing in malaysia. you can then open the account online self service. just sign on piece of paper and upload the signatures. you need to deposit $ 1000 to open an account. You also need to consider if your mum pass on, touch wood, will you be able to legally withdraw the money? And if you decided to open such an account (if possible), you will want to let her know, so that if anything happen to you, she will know such money exist in her name. you will want to let a trustworthy sibling to know about this incase your mum is not tech savvy. lastly parents may get senile or disabled. thus you really need to seriously consider all rounded how the $ to be be able to withdraw under all circumstances. eg is she is senile, you may need letter of power of attorney to access her money which originate from you. doctor's letter of certification may not be enough. another alternative is to have a joint account with each parent stand ready. so that if they senile or dementia you can withdraw the $ legally for them. ie no need of letter of power of attorney. the key is ATM card and pin number. lastly you may wish to let your parents/ trusted siblings know where your money lies. write down on a piece of paper, update regularly. eg which banks, you may give them a hint saying uob nothing much inside. dbs all your savings inside, without telling them the amount unless you feel confident. and tell them where you hide the bankbooks, atm card, pin numbers. you might want to snap a photo where the atm and pin number say inside your wallet, inside a drawer etc. before my mum death, she did tell me where her $ hidden although i knew inside out all her $. i believe my mum did briefly told my brother too. i believe my mum did know she may pass on sooner or later but she never know when she got a fall at home. thus we need to tell our loved ones where our $ lies and not assume we can do it another day. imagine hidding the $ so carefully till no one knows.βββ